Bitcoin currently has 900k active address (on a rolling 30 day average) for only second time ever

We are seeing more signs that bitcoin may be ready to embark on a massive bull market rally.

The number of active wallet address as a 30 day rolling average, topped 900k for only the second time ever.

The last time this happened was right before bitcoin went on the euphoric portion of its bull market rally in late 2017.

Check it out:

(Source: https://twitter.com/crypto_rand/status/1275793831057899526/photo/1)

During that time we peaked around 1.1 million active addresses at the height of the late 2017 rally.

Based on what I am seeing now and how the price chart looks, if bitcoin goes on another major run, that active address number likely is going to go a lot higher than that this time around...

Bitcoin continues to follow stocks...

In the near term, bitcoin seems very much tied to the trading action of the US stock market.

Today we have a big down day in the S&P 500 and what do you know, bitcoin is also down significantly as well.

Check it out:

(Source: https://twitter.com/100trillionUSD/status/1275828926342979585/photo/1)

Based on that, we may see some downward price action first before we see any kind of euphoric bull market rallies.

I have posted about it numerous times previously, but that $7,600 area looks pretty interesting in terms of a dip...

One of which can be seen here:

https://hive.blog/hive-148441/@jrcornel/now-that-btc-failed-at-usd10k-where-do-we-go-from-here

It would fill the CME gap as well as potentially create the final shoulder of an inverse head and shoulder pattern before heading back up.

Either way, based on the charts we might find out pretty quickly where bitcoin is heading next, and it will probably be lead by the S&P 500.

Stay informed my friends.

-Doc

Posted Using LeoFinance